https://arrowintsys.com/regulatory-activities Latest press releases, guidance, and enforcement actions from the New York DFS. Compiled by Arrow AIM. en-us https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260722 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260722 Wed, 22 Jul 2026 00:00:00 GMT Governor Hochul announced that nearly 270 law enforcement officials from 55 agencies completed specialized training on combating auto insurance fraud at the New York State Police Academy in Albany. The training, conducted through a partnership between the New York State Police and the Department of Financial Services, aims to strengthen investigators' abilities to detect, investigate, and prosecute financial crimes including staged accidents and fraudulent insurance claims. This initiative supports broader reforms included in the 2027 enacted budget that enable criminal penalties for staged accident organizers, cap damages for unlawful behavior, tighten serious injury definitions, and prohibit insurance companies from setting rates based on factors like homeownership or zip code. The specialized training will be permanently incorporated into the New York State Police curriculum for future investigators as part of the state's commitment to reducing auto insurance premiums for New Yorkers. insurance property-casualty enforcement https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260716 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260716 Thu, 16 Jul 2026 00:00:00 GMT The New York State Department of Financial Services imposed a $50 million penalty on Swedbank AB and its New York branch for withholding information during an investigation into the bank's relationships connected to the 2016 Panama Papers leak. The investigation revealed that Swedbank failed to disclose critical information about its exposure beyond the New York branch, concealed European regulatory inquiries, and withheld details about its Baltic subsidiaries' connections to Mossack Fonseca. The bank intentionally excluded its Baltic operations from document production and failed to report that customers referenced in the Panama Papers were associated with Swedbank. The settlement underscores the Department's enforcement of legal obligations requiring financial institutions to cooperate fully with regulatory oversight and comply with New York Banking Law. banking enforcement consent-order https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260715 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260715 Wed, 15 Jul 2026 00:00:00 GMT Governor Hochul announced that insured employers statewide will receive an average 22 percent reduction in workers' compensation insurance premium rates, resulting in over $1 billion in estimated savings or approximately $1,779 per policyholder. The New York State Department of Financial Services approved the rate reduction, which takes effect October 1, 2026. Additionally, the New York State Insurance Fund distributed more than $700 million to policyholders over the past year through dividends and discount programs, bringing total allocations under Governor Hochul's leadership to over $2.8 billion. The reductions are attributed to decreased frequency of workers' compensation lost time claims, enhanced workplace safety efforts including the Warehouse Worker Protections Act, and ongoing system modernization efforts that have streamlined claims processing and improved efficiency. insurance property-casualty regulatory-guidance https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260701 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260701 Wed, 01 Jul 2026 00:00:00 GMT Governor Hochul announced that the New York State Department of Financial Services has issued new guidance requiring auto insurers to incorporate anticipated savings from recently enacted reforms into their current and future rate filings. The reforms, included in the Fiscal Year 2027 Budget, aim to reduce auto insurance premiums by addressing insurance fraud and excessive litigation costs. Key changes include expanding the definition of fraudulent insurance acts to cover all individuals involved in staged accidents, capping damages for drivers engaged in criminal behavior at the time of an accident, tightening the serious injury threshold, limiting damages for drivers primarily at fault, and requiring DFS prior approval for any upward rate changes. The guidance directs all insurers authorized to write motor vehicle insurance in New York to update their pricing models to reflect these reforms in pending and future rate applications. insurance property-casualty regulatory-guidance https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260609 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260609 Tue, 09 Jun 2026 00:00:00 GMT The New York State Department of Financial Services announced a proposed regulation to align its existing stablecoin framework with new federal requirements under the GENIUS Act. The proposal builds on DFS's June 2022 guidance by incorporating additional provisions including maximum reserve limits per custodian and mandatory risk management programs covering internal controls, information security, audits, and service provider arrangements. The regulation maintains existing requirements for U.S. dollar-backed stablecoins such as backing and redeemability standards, permissible reserves, and independent audits. The proposal is subject to a 10-day preproposal comment period followed by a 60-day public comment period, with the final regulation taking effect when the GENIUS Act becomes effective and allowing a one-year transition period for existing licensed issuers. virtual-currency crypto-assets rulemaking https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260603 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260603 Wed, 03 Jun 2026 00:00:00 GMT The New York State Department of Financial Services announced a $400,000 settlement with Santander Consumer USA Inc. for violations of New York State Banking Law related to undisclosed extension fees on automobile loans. The investigation found that while Santander Consumer's extension agreement disclosed only a single $25 fee, the company actually charged borrowers $25 per month in extension fees. The settlement requires Santander Consumer to provide more than $275,000 in restitution to eligible impacted borrowers through refund checks with interest for paid fees or waivers of assessed but unpaid fees. Consumers who had automobile loans with Santander prior to 2018 may be eligible for restitution and can contact the company for inquiries. consumer-protection enforcement consent-order https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260601 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260601 Tue, 02 Jun 2026 00:00:00 GMT The New York State Department of Financial Services has signed a memorandum of understanding with the European Banking Authority to facilitate cross-border collaboration on stablecoin supervision. The agreement enables the exchange of supervisory and confidential information related to stablecoin activities between the two regulatory bodies. The MOU aims to enhance supervision of entities engaged in stablecoin operations, identify market trends and risks, and promote market integrity. DFS has been regulating stablecoin issuance since 2018 and maintains a supervisory framework that includes reserve requirements, redeemability standards, transparency obligations, and a prohibition on rehypothecation for New York-approved stablecoin issuers. virtual-currency crypto-assets supervision https://www.dfs.ny.gov/reports_and_publications/press_releases/pr2026052802 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr2026052802 Thu, 28 May 2026 00:00:00 GMT The New York Department of Financial Services Acting Superintendent announced support for the state's FY27 budget, which includes measures to make auto insurance more affordable by addressing fraud and abuse while helping consumers access policy discounts. The budget requires insurers to provide more transparent and accessible lists of covered benefits and removes barriers to insurance coverage for individuals with chronic conditions. The Department has already begun implementing these new laws to ensure New Yorkers have access to affordable, quality financial products and achieve meaningful cost savings. These regulatory changes represent a significant effort to reduce insurance costs and improve coverage accessibility across the state. statement insurance consumer-protection https://www.dfs.ny.gov/reports_and_publications/press_releases/pr2026052801 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr2026052801 Thu, 28 May 2026 00:00:00 GMT Governor Hochul signed New York's FY 2027 Budget implementing major affordability and safety measures including a pathway to universal childcare with $1.7 billion in new funding and $1 billion in one-time energy rebate checks for ratepayers. The budget establishes new regulatory requirements for the insurance industry, including mandatory rate change notifications to policyholders, prohibitions on rate-setting based on personal factors like zip code or education, and enhanced transparency requirements for residential property insurers. Key public safety provisions include first-in-the-nation regulations requiring 3D printers to have technology preventing illegal firearm production and comprehensive immigration protection laws limiting state cooperation with federal enforcement. The budget also implements auto insurance fraud prevention measures, agricultural tariff relief programs, enhanced food assistance funding, and eliminates state income taxes on up to $25,000 of tipped income. insurance regulatory-guidance consumer-protection https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260527 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260527 Wed, 27 May 2026 00:00:00 GMT Governor Hochul announced auto insurance reforms in New York's FY27 Enacted Budget aimed at reducing premiums that average over $4,000 annually, nearly $1,500 above the national average. The reforms target fraud and litigation by capping damages for drivers engaged in criminal behavior at the time of accidents, tightening the definition of serious injury, and limiting damages for drivers mostly at fault. The budget establishes regulatory oversight to prevent insurance companies from raising rates without Department of Financial Services approval and caps excess profits with requirements to return savings to consumers. Insurance companies are also prohibited from setting rates based on factors like homeownership status, occupation, education level, or zip code. The reforms follow Florida's model, which achieved a 5.6 percent rate decrease after implementing similar tort reforms in 2023. insurance property-casualty regulatory-guidance https://www.dfs.ny.gov/industry-guidance/industry-letters/20260303-cybersecurity-advisory-heightened-cyber-threats-global-conflict https://www.dfs.ny.gov/industry-guidance/industry-letters/20260303-cybersecurity-advisory-heightened-cyber-threats-global-conflict Tue, 03 Mar 2026 00:00:00 GMT The New York State Department of Financial Services issued an industry letter reminding regulated financial entities of heightened cybersecurity risks stemming from ongoing global conflicts. While no specific coordinated campaign targeting the financial sector has been observed, the Department emphasizes that entities must ensure their cybersecurity programs comply with 23 NYCRR Part 500 and reflect the current threat environment. The letter outlines best practices including promptly remediating known vulnerabilities, enhancing monitoring for suspicious activity, implementing least privilege access controls, and preparing operational resilience procedures for disruptive incidents. The guidance does not impose new regulatory requirements but serves as a reminder to maintain vigilance and review existing cybersecurity risk management practices during this period of elevated threat. cybersecurity regulatory-guidance operational-risk https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260227 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260227 Fri, 27 Feb 2026 00:00:00 GMT Governor Hochul launched a public awareness campaign called "Real Care, Real Access to Behavioral Health Services" to educate New Yorkers about their rights to mental health and substance use disorder treatment under state regulations. The campaign, running through June 2026, highlights key requirements including access to initial outpatient behavioral health appointments within ten business days and mandatory insurer assistance in finding in-network providers. If in-network providers are unavailable within specified timeframes, health plans must approve out-of-network care at in-network cost-sharing rates after a three-business-day complaint process. The regulations apply to individual and group health insurance policies subject to New York law, including Marketplace plans, Medicaid Managed Care, Child Health Plus, and the Essential Plan, but exclude self-funded ERISA plans. The campaign includes a new website with information on patient rights and complaint filing procedures, supported by multilingual advertising across digital, television, radio, and public transportation platforms. health-insurance consumer-protection regulatory-guidance https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202602251 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202602251 Thu, 26 Feb 2026 00:00:00 GMT Acting Superintendent Kaitlin Asrow testified before the New York State Legislature regarding the FY 2027 Executive Budget, outlining three core priorities for the Department of Financial Services: affordability, innovation, and stability. The budget proposes comprehensive reforms to reduce auto and homeowners insurance costs through expanded loss mitigation tools, mandatory premium discounts for risk-reducing measures, and new profitability benchmarks to ensure savings reach consumers rather than insurers. DFS has modernized its operations through DFS Connect, implemented the state's first AI use policy, and strengthened cybersecurity regulations while introducing nation-leading consumer protections for Buy Now Pay Later loans. The department has also expanded mental health care access requirements, enhanced insurance fraud enforcement capabilities with a 28% staffing increase in the Insurance Frauds Bureau, and proposed new continuity of care protections for health insurance coverage changes. statement insurance consumer-protection https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260223 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260223 Mon, 23 Feb 2026 00:00:00 GMT Governor Hochul announced new regulations from the Department of Financial Services to establish comprehensive consumer protections for Buy Now, Pay Later loans in New York. The regulations implement legislation from the FY26 Budget that creates a licensing and supervision framework for BNPL providers, requiring clear disclosures about loan terms and credit reporting. The rules prohibit excessive convenience charges, limit late fees and penalty fees, establish standards for timely dispute resolution, and protect consumer data from misuse. The proposed regulation is subject to a 10-day preproposal comment period followed by a 60-day public comment period, with the law taking effect 180 days after adoption plus an additional transitional period for existing BNPL providers. consumer-protection rulemaking regulatory-guidance https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260218 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260218 Wed, 18 Feb 2026 00:00:00 GMT New York State Comptroller Thomas DiNapoli and DFS Acting Superintendent Kaitlin Asrow approved the Butternut Valley Banking Development District designation and deposited $35 million in state funds to Sidney Federal Credit Union's Morris Branch. The Banking Development District program encourages qualified banks and credit unions to open or maintain branches in underserved areas by authorizing state fund deposits to eligible institutions. This designation covers the towns of Butternuts, New Lisbon, and Morris, along with the villages of Gilbertsville and Morris, marking the state's 58th BDD designation. The program aims to increase access to affordable banking services including free checking accounts, small business loans, and financial education workshops in rural communities. As of February 2025, the State Comptroller's office had approximately $514 million in deposits across 13 banking institutions operating in BDDs statewide. banking press-release consumer-protection https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260217 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260217 Tue, 17 Feb 2026 00:00:00 GMT The New York Department of Financial Services announced that Jericho Share will cease operations in the state for operating as an unlicensed insurance business and selling health insurance plans misrepresented as health care sharing ministry programs. An investigation found that Jericho entered into over 13,900 insurance contracts with New York residents between 2021 and 2025 without proper licensing, and allocated only 10-12.5% of membership fees toward medical costs compared to the legally required 82%. Under the settlement, Jericho must pay a $250,000 penalty to New York State, refund more than $35,000 to policyholders, and permanently cease operations in New York except to fulfill settlement terms. The company must cancel all active contracts by March 19, 2026, and notify enrolled members while processing final medical payment requests. enforcement health-insurance consumer-protection https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260211 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260211 Wed, 11 Feb 2026 00:00:00 GMT Governor Hochul announced comprehensive proposals to reduce auto insurance costs in New York State, where residents pay approximately $4,000 annually, nearly $1,500 above the national average. The initiatives target insurance fraud, which has increased 80 percent over five years, by strengthening the Motor Vehicle Theft and Insurance Fraud Prevention Board, extending insurers' fraud reporting timeframes beyond 30 days, and enabling criminal penalties for staged accident organizers. The proposals include capping non-economic damages for drivers engaged in criminal behavior at the time of accidents, reforming the serious injury threshold with objective medical standards, and limiting liability for defendants less than 50 percent at fault. The Governor will direct the Department of Financial Services to re-examine the Excess Profit Law to ensure consumers benefit from anticipated savings, while new transparency requirements will mandate insurers explain rate changes to policyholders. insurance enforcement consumer-protection https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260210 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260210 Tue, 10 Feb 2026 00:00:00 GMT Acting Superintendent Kaitlin Asrow outlined DFS's priorities of affordability, innovation, and stability in her testimony on the FY 2027 Executive Budget. The Department implemented new rules requiring insurers to provide mental health and substance use disorder appointments within 10 days and expanded access to out-of-network coverage at in-network prices when standards cannot be met. DFS adopted regulations mandating commercial insurers collect voluntary demographic data to address health inequities and returned over $134 million to New Yorkers through restitution in the past year. The Executive Budget proposes expanding continuity of care protections to 90 days when changing carriers and eliminating repetitive prior authorizations for chronic condition treatments. The Department also introduced its first AI use policy and issued guidance on AI applications in insurance underwriting and pricing while modernizing its Insurance Frauds Bureau to combat fraud that drives up consumer costs. statement health-insurance consumer-protection https://www.dfs.ny.gov/industry_guidance/industry_letters/20260122_cybersecurity_threat_alert https://www.dfs.ny.gov/industry_guidance/industry_letters/20260122_cybersecurity_threat_alert Thu, 22 Jan 2026 00:00:00 GMT The New York Department of Financial Services issued an alert warning regulated entities and individuals about phishing scams impersonating the Department. Fraudulent communications have been sent from fake email domains including @myportal.dfs.ny.gov.cazepost.com, @linkkereso.com, @dfs.ny.gov.goencryvia.com, and @dfs.gov.myencryvvia.com, requesting immediate payments, file openings, or account credentials. The Department clarified that legitimate emails only come from @dfs.ny.gov or @public.govdelivery.com, and that it never asks consumers to call back at different numbers. Recipients of suspicious communications should verify legitimacy by contacting DFS directly through established channels rather than using links or contacts provided in questionable messages. consumer-protection cybersecurity press-release https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202601136 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202601136 Tue, 13 Jan 2026 00:00:00 GMT Governor Hochul announced a comprehensive set of healthcare initiatives for New York State focused on strengthening the healthcare delivery system, reducing costs, and protecting access to care amid federal funding cuts. Key regulatory actions include expanding the Safety Net Transformation Program with additional funding beyond the $4.3 billion already awarded, strengthening oversight of healthcare transactions through enhanced reporting requirements, and streamlining the Certificate of Need process. The Governor will introduce legislation to reduce healthcare facilities' reliance on temporary staffing agencies, expand scope of practice for various healthcare workers, and reform prior authorization processes to improve patient care access. Additional measures include directing the Department of Health to negotiate drug prices directly with manufacturers, establishing state-based immunization standards independent of federal schedules, and creating New York's first statewide AED registry to improve cardiac emergency response. health-insurance regulatory-guidance consumer-protection https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202601137 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202601137 Tue, 13 Jan 2026 00:00:00 GMT Governor Hochul announced a comprehensive environmental protection plan for New York State that includes a record $425 million investment in the Environmental Protection Fund and a five-year, $3.75 billion commitment to water infrastructure modernization. The plan establishes new programs including FloodSafe NY to coordinate watershed studies and flood mitigation, the Adaptation and Resilience Network to streamline resilience resources, and Community Resiliency Hubs in disadvantaged communities. New regulations will require landfills to treat leachate containing heavy metals and PFAS before reaching municipal water systems, with dedicated state funding for implementation. The initiative also creates the New York State Parks Trades Corps pilot program to train young people in skilled trades while maintaining state park infrastructure. climate-risk regulatory-guidance press-release https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202601135 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202601135 Tue, 13 Jan 2026 00:00:00 GMT Governor Hochul announced a series of state-level proposals to counter federal policy changes affecting New York residents. Key measures include legislation allowing New Yorkers to sue federal officers for constitutional violations, protecting sensitive locations like schools and hospitals from warrantless immigration enforcement, and establishing a state census commission for the 2030 count. The proposals also include a $30 million Agricultural Resiliency Against Tariffs Program to support farmers, expansion of student loan assistance services through EDCAP, and investments in food assistance programs including chip-based EBT cards. Additional healthcare protections involve transitioning the Essential Plan to a Basic Health Program to preserve coverage for 1.3 million New Yorkers and authorizing the state to set its own immunization standards independent of federal vaccine schedules. consumer-protection health-insurance press-release https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202601134 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202601134 Tue, 13 Jan 2026 00:00:00 GMT Governor Hochul announced a series of initiatives to support New York's 4.6 million residents aged 60 and older, focusing on enabling seniors to age in place within their communities. Key proposals include doubling investments in Naturally Occurring Retirement Communities, renewing $35 million for non-medical in-home services, and launching the CAPABLE program to provide nursing and occupational therapy to up to 2,600 older adults. The Governor will establish a multi-agency council to create a one-stop-shop for older adults to access benefits across state agencies and explore a universal benefits application. Additional measures include directing the Department of Health to launch an educational initiative on hospice and palliative care, and requiring the Office for the Aging to develop free virtual training modules on elder abuse prevention. consumer-protection health-insurance press-release https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202601133 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202601133 Tue, 13 Jan 2026 00:00:00 GMT Governor Hochul announced a comprehensive consumer and worker protection initiative for 2026, establishing a new Office of Digital Innovation, Governance, Integrity and Trust to oversee digital safety and technological governance. The proposals include requiring data brokers to register with the state and allow New Yorkers to request deletion of personal information, mandating labeling for AI-generated content, and banning non-consensual deepfakes near elections. The initiative also eliminates state income taxes on up to $25,000 of tipped income, establishes grant programs to combat workers' compensation fraud and wage theft, and enhances student loan protections through improved refinancing disclosures and cosigner release standards. Additional measures crack down on misleading online discount practices and illegal flavored vape sales through a new vapor products registry. consumer-protection regulatory-guidance data-security https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202601131 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202601131 Tue, 13 Jan 2026 00:00:00 GMT Governor Hochul announced a comprehensive affordability initiative for New York State that includes multiple regulatory and policy changes affecting insurance, utilities, housing, and social services. The plan proposes first-in-the-nation regulations requiring home insurers with excessive profit margins to lower rates or justify their pricing, while also cracking down on auto insurance fraud through enhanced enforcement coordination between state agencies. The initiative includes utility reforms that tie executive compensation to customer affordability and require budget-constrained rate increase proposals that stay below inflation. Additional measures protect renters through stricter landlord harassment penalties, expand child care subsidies toward universal coverage, upgrade EBT cards to chip-based technology to prevent fraud, and eliminate state income taxes on tipped wages up to twenty-five thousand dollars. insurance consumer-protection enforcement https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202601132 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202601132 Tue, 13 Jan 2026 00:00:00 GMT Governor Hochul announced a comprehensive package of auto insurance reforms aimed at reducing New York's average annual premiums of over $4,000, which are nearly $1,500 above the national average. The proposals focus on combating fraud through enhanced enforcement coordination among state agencies, extending insurers' fraud reporting timeframes beyond the current 30-day limit, and tightening the legal definition of serious injury to prevent exploitation of the system. The reforms would cap non-economic damages for drivers engaged in criminal behavior at the time of accidents and limit damages for drivers found mostly at fault, aligning New York with practices in states like Massachusetts and New Jersey. To ensure savings benefit consumers rather than insurers, the Department of Financial Services will re-examine the Excess Profit Law threshold, while new transparency requirements will mandate that insurers explain rate changes to policyholders and offer usage-based insurance discounts for safe driving programs. insurance consumer-protection enforcement https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260108 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260108 Thu, 08 Jan 2026 00:00:00 GMT The New York State Department of Financial Services has finalized a new regulation expanding the state's Community Reinvestment Act to cover nonbank mortgage lenders, who now account for approximately 64% of mortgage originations nationwide. The rule requires non-depository mortgage bankers with at least 200 originations in the preceding year to demonstrate they are meeting the credit needs of their entire communities, particularly low- and moderate-income borrowers. Lenders will be evaluated through a lending test assessing service to all borrowers and neighborhoods, and a service test evaluating community development programs, though unlike banks, they will not be required to make community development investments or grants. The regulation, developed following 2021 legislation signed by Governor Hochul, takes effect July 7, 2026. mortgage fair-lending rulemaking https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20251222 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20251222 Mon, 22 Dec 2025 00:00:00 GMT Governor Hochul signed the RAISE Act, establishing nation-leading requirements for AI frontier model developers to create and publish safety protocols and report incidents of critical harm to the state within 72 hours. The legislation creates a new oversight office within the Department of Financial Services to assess large frontier developers and issue annual transparency reports. The Attorney General is authorized to bring civil actions against non-compliant developers, with penalties up to $1 million for first violations and $3 million for subsequent violations. This law positions New York as a leader in AI safety regulation, building on California's framework while the federal government has yet to implement comprehensive AI regulations. rulemaking technology-risk transparency https://www.dfs.ny.gov/reports_and_publications/comment_letters/AI-Systems https://www.dfs.ny.gov/reports_and_publications/comment_letters/AI-Systems Tue, 16 Dec 2025 00:00:00 GMT The New York State Department of Financial Services held an Assembly hearing on December 16, 2025, examining the use of artificial intelligence systems in insurance underwriting and pricing. Acting Superintendent Kaitlin Asrow provided testimony to the Assembly Standing Committee on Insurance and the Assembly Standing Committee on Science and Technology regarding AI applications in the insurance sector. The hearing represents regulatory scrutiny of how insurers are deploying AI technologies in their core business functions of assessing risk and determining premiums. This oversight activity reflects DFS's ongoing efforts to ensure that emerging technologies in the financial services sector comply with existing regulatory frameworks and consumer protection standards. statement insurance technology-risk https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20251216 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20251216 Tue, 16 Dec 2025 00:00:00 GMT Acting Superintendent Kaitlin Asrow testified before the New York State Assembly regarding the use of artificial intelligence in insurance underwriting and pricing, emphasizing DFS's commitment to responsible AI deployment in financial services. The Department has taken a technology-agnostic regulatory approach, applying existing consumer protection and safety laws to AI systems rather than creating AI-specific requirements. DFS released a 2024 Circular Letter addressing both artificial intelligence systems and external consumer data sources in insurance, along with additional guidance on AI-related cybersecurity risks and virtual currency customer service. Asrow stressed that while AI offers efficiency benefits and improved products, these advantages cannot compromise consumer protection, and the Department integrates AI system reviews into its supervisory processes. The regulatory framework balances innovation opportunities with risk management, particularly concerning bias, discrimination, data privacy, and the foundational role of data in AI systems. statement insurance technology-risk https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20251204 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20251204 Thu, 04 Dec 2025 00:00:00 GMT Governor Kathy Hochul signed legislation requiring health insurance policies in New York to provide coverage for follow-up screening and diagnostic services for lung cancer without cost-sharing or out-of-pocket expenses for patients. The law addresses a significant public health concern, as lung cancer is the leading cause of cancer deaths in New York State, with approximately 13,900 diagnoses and 7,400 deaths annually. This legislation is part of the Governor's broader affordability agenda, which previously eliminated cost-sharing for insulin and asthma inhalers under state-regulated insurance plans. The measure aims to remove financial barriers to early detection and treatment, ensuring that high-risk New Yorkers can access life-saving screening services without choosing between their health and financial security. health-insurance consumer-protection press-release https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20251124 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20251124 Mon, 24 Nov 2025 00:00:00 GMT Governor Hochul signed legislation eliminating all cost-sharing requirements for asthma inhalers under state-regulated health insurance plans in New York. The law requires insurers to provide at least one rescue inhaler and one maintenance inhaler without co-pays, coinsurance, or deductibles to enrollees. This change affects over 1.4 million adults and approximately 315,000 children in New York who live with asthma, addressing a significant barrier to accessing medication that can cost up to $640 per month. The legislation builds on previous efforts to eliminate cost-sharing for insulin and represents a major step toward improving healthcare access and health equity across the state. health-insurance consumer-protection press-release https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20251118 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20251118 Tue, 18 Nov 2025 00:00:00 GMT Acting Superintendent Kaitlin Asrow testified before New York State Senate committees regarding challenges in the residential property insurance market. She identified key pressures affecting homeowners insurance nationwide, including increased catastrophes from climate change, rising material and repair costs from inflation, a tightening reinsurance market, and social inflation. Asrow emphasized the need to balance affordability with market stability, warning that failure to address these challenges can lead to carrier withdrawals and reduced consumer access to coverage. She committed to working within DFS authority and partnering with legislators to find sustainable solutions for insurance affordability and availability for New York residents. statement insurance climate-risk https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20251021 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20251021 Tue, 21 Oct 2025 00:00:00 GMT The New York State Department of Financial Services Acting Superintendent Kaitlin Asrow issued new cybersecurity guidance on October 21, 2025, addressing risks associated with third-party service providers. The guidance emphasizes that while third-party service providers enable innovation and efficiency, regulated entities remain ultimately accountable for protecting consumers and managing cybersecurity risks. The guidance does not impose new requirements but clarifies existing obligations under DFS's cybersecurity regulation and shares best practices for entities to consider when establishing internal risk management controls for third-party service providers. This action builds on DFS's ongoing efforts to protect New Yorkers through its nation-leading cybersecurity regulation framework. cybersecurity regulatory-guidance operational-risk https://www.dfs.ny.gov/industry-guidance/industry-letters/il20251021-guidance-managing-risks-third-party https://www.dfs.ny.gov/industry-guidance/industry-letters/il20251021-guidance-managing-risks-third-party Tue, 21 Oct 2025 00:00:00 GMT The New York State Department of Financial Services issued guidance to financial institutions on managing cybersecurity risks associated with third-party service providers. The guidance clarifies existing requirements under the state's Cybersecurity Regulation rather than imposing new obligations, emphasizing that entities cannot delegate compliance responsibilities to third parties. DFS identified weaknesses in how regulated entities conduct due diligence, establish contractual protections, and monitor third-party vendors throughout the relationship lifecycle. The department warns it will continue to consider inadequate third-party risk management practices in examinations and enforcement actions, citing previous enforcement cases where deficiencies were found. cybersecurity regulatory-guidance operational-risk https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20251014 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20251014 Tue, 14 Oct 2025 00:00:00 GMT The New York State Department of Financial Services secured over $19 million in penalties from eight auto insurance companies for violations of the state's cybersecurity regulation. The companies failed to implement adequate cybersecurity controls, allowing hackers to steal New Yorkers' personal information including driver's license numbers and dates of birth through online insurance quoting applications and agent portals. Two companies, Farmers and Infinity, also failed to timely report their cybersecurity events as required. As part of the settlements, each company agreed to conduct remedial measures including comprehensive reviews of consumer data accessibility on their systems. Under Superintendent Harris, DFS has now entered into consent orders with 27 entities for cybersecurity regulation violations, resulting in over $144 million in total fines. enforcement cybersecurity insurance https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20251003 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20251003 Fri, 03 Oct 2025 00:00:00 GMT The New York Department of Financial Services announced that Superintendent Adrienne Harris is departing after four years of service, with Kaitlin Asrow assuming the role of Acting Superintendent. During her tenure, Harris advanced regulatory frameworks for emerging technologies including cryptocurrency and artificial intelligence, strengthened cybersecurity protections, and championed consumer protection initiatives. Key accomplishments included eliminating co-payments for insulin, expunging medical debt from credit reports, expanding access to minority banking and Community Development Financial Institutions, and establishing regulatory oversight of Pharmaceutical Benefit Managers. Elected officials and industry stakeholders recognized her leadership in modernizing DFS from a traditional regulatory agency into a responsive regulator addressing complex issues in a rapidly evolving financial services landscape while maintaining New York's position as a global financial center. leadership press-release statement https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20250930 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20250930 Tue, 30 Sep 2025 00:00:00 GMT The New York State Department of Financial Services has updated its guidance on virtual currency custody practices and customer protections in insolvency scenarios. The updated guidance provides more detailed expectations for sub-custodial relationships, including requirements for service agreements and asset custody frameworks that protect customer interests. It clarifies permissible uses of customer assets and emphasizes that beneficial interest must always remain with customers during insolvency proceedings. The 2025 guidance supersedes previous guidance issued in January 2023 and reflects the growing demand for virtual currency custodial services across retail and institutional segments. DFS continues to leverage its regulatory tools to adapt to evolving market conditions in the digital asset space. virtual-currency crypto-assets regulatory-guidance https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202509291 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202509291 Mon, 29 Sep 2025 00:00:00 GMT Governor Kathy Hochul announced that Superintendent Adrienne A. Harris will depart the New York Department of Financial Services after four years of service, with Kaitlin Asrow appointed as Acting Superintendent effective October 18, 2025. During Harris's tenure as the longest-serving Superintendent, DFS recovered over $725 million in restitution for New Yorkers, expanded the Virtual Currency Unit with more than 60 experts who prevented major cryptocurrency failures from operating in New York, and returned $2.1 billion to consumers globally from Gemini. Harris led significant regulatory initiatives including establishing guardrails for artificial intelligence use in insurance, building a pharmacy benefit manager regulatory framework, amending the state's cybersecurity regulation, and issuing climate risk guidance across financial sectors. Asrow, who served as Executive Deputy Superintendent overseeing virtual currency regulation and innovation policy, previously worked at the Federal Reserve System and will continue leading the Department's operational transformation and technological infrastructure investments. leadership press-release virtual-currency https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20250926 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20250926 Fri, 26 Sep 2025 00:00:00 GMT Governor Hochul announced new guidance from the New York State Department of Financial Services allowing state-chartered banks to receive Community Reinvestment Act credit for lending to or investing in Community Development Financial Institutions, even if their 2024 federal certification has lapsed. This action aims to protect critical investments in CDFIs that provide affordable housing, small business financing, and other services to minority and underserved communities. The guidance provides certainty for banks and CDFIs amid federal uncertainty, ensuring mission-driven lenders can continue attracting funding and delivering services in traditionally underserved neighborhoods. New York is home to more than 80 certified CDFIs and 46 Minority Depository Institutions that collectively provide billions of dollars in mortgages, small business loans, and community development projects. The announcement follows recent state investments of nearly $18 million in grants to CDFIs over the past five years and the allocation of over $53 million through various small business programs. banking fair-lending consumer-protection https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20250917 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20250917 Wed, 17 Sep 2025 00:00:00 GMT New York State Department of Financial Services Superintendent Adrienne A. Harris issued new guidance requiring banking institutions engaged in or contemplating virtual currency activities to utilize blockchain analytics tools to enhance compliance programs and prevent illegal activities. The guidance extends previously established requirements for virtual currency entities to traditional banking organizations as they expand into digital asset services. Banking institutions are expected to incorporate blockchain analytics for customer wallet screening, monitoring illicit activity exposure, conducting enhanced due diligence on virtual currency transactions, and assessing risks associated with virtual currency products and services. The regulatory action reflects DFS's effort to establish clear compliance expectations while enabling New York-regulated banking organizations to remain competitive in the evolving virtual currency landscape. virtual-currency banking regulatory-guidance https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20250910 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20250910 Wed, 10 Sep 2025 00:00:00 GMT Governor Kathy Hochul announced new action to protect vaccine access in New York State amid federal uncertainty regarding vaccine recommendations. The New York State Department of Financial Services issued guidance strongly encouraging commercial insurers to continue covering 100 percent of the costs for all vaccines recommended by the Advisory Committee on Immunization Practices as of the guidance date. The guidance also reminds insurers of previous requirements to cover COVID vaccines for children and urges them to encourage self-funded health care entities to maintain vaccine coverage. This action accompanies an executive order allowing pharmacists to administer COVID vaccines and is part of a broader regional multi-state public health collaboration among Northeast states to develop evidence-based vaccination approaches. health-insurance consumer-protection regulatory-guidance https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20250829 https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20250829 Fri, 29 Aug 2025 00:00:00 GMT The New York State Department of Financial Services approved 2026 health insurance premium rates that will save consumers and small businesses approximately $959 million. The agency reduced insurers' requested rate increases by 47.4% in the individual market, saving consumers $148.2 million, and by 45.8% in the small group market, saving small businesses $810.8 million. These reductions affect approximately 930,000 New Yorkers enrolled in individual and small group plans. DFS held insurers' profit provisions to only 1.0% while acknowledging that rising medical care costs, including hospital stays and drug prices, remain the primary drivers of premium increases. health-insurance consumer-protection press-release